Webzine January 2020 - Regulatory Chronicle of Eric de Gay de Nexon

Discover the four major regulatory, political and market infrastruture trends that will drive our thoughts in 2020.

Webzine January 2020 - "Shareholders' Rights" Directive

Our expert Pierre Colladon explains the regulatory and private initiatives dealing with transparency.
Main Market Initiatives

Community and International news

AllInternational and European news
Capital Markets Union: The Council adopts legislative reforms
On 8 November 2019, the European Council adopted a set of legislative reforms relating to the Capital Markets Union. The...
International and European news
On 8 November 2019, the European Council adopted a set of legislative reforms relating to the Capital Markets Union. The texts cover:
Capital Markets Union: The Council adopts legislative reforms
New rules on whistle-blowers protection
On 7 October 2019, the European Union (EU) Council approved a Directive aimed to protect persons who report breaches...
International and European news
On 7 October 2019, the European Union (EU) Council approved a Directive aimed to protect persons who report breaches (the Whistleblowing Directive) of EU law.
New rules on whistle-blowers protection
ESMA guidelines on liquidity stress testing for investment funds
On 2 September 2019, ESMA published the final guidelines on liquidity stress testing (LST) in UCITS and AIFs.
International and European news
On 2 September 2019, ESMA published the final guidelines on liquidity stress testing (LST) in UCITS and AIFs.
ESMA guidelines on liquidity stress testing for investment funds
Publication of a Report about Cybersecurity by European Commission
On 28 October 2019, the European Commission adopted a report assessing the consistency of the approaches taken by member...
International and European news
On 28 October 2019, the European Commission adopted a report assessing the consistency of the approaches taken by member states
Publication of a Report about Cybersecurity by European Commission
Capital Markets Union: Council adopts new clearing house rules
On 10 October 2019, the Council adopted revised rules for clearing houses in the single market.
International and European news
On 10 October 2019, the Council adopted revised rules for clearing houses in the single market.
Capital Markets Union: Council adopts new clearing house rules
ESMA Final Report on CSDR Guidelines
On 8 October 2019, The European Securities and Markets Authority (ESMA) has published its final report on the...
International and European news
On 8 October 2019, The European Securities and Markets Authority (ESMA) has published its final report on the Guidelines on standardized procedures and messaging protocols.
ESMA Final Report on CSDR Guidelines
Technical Standards on Securitization Repositories
On 29 November 2019, the European Commission published on its website three technical standards supplementing Regulation...
International and European news
On 29 November 2019, the European Commission published on its website three technical standards supplementing Regulation (EU) 2017/2402 with regard to the registration and operational standards of securitization:
Technical Standards on Securitization Repositories

National news

AllNational news
FR - Decree relating to digital asset service providers
On 22 November 2019 Decree No. 2019-1213 relating to digital asset service providers was published in the Official...
National news
On 22 November 2019 Decree No. 2019-1213 relating to digital asset service providers was published in the Official Journal.
FR - Decree relating to digital asset service providers
FR - Extension of the list of CIS eligible counterparties
On 24 October 2019, France published Decree No. 2019-1078 of 22 October 2019 in the Official Journal, extending the list...
National news
On 24 October 2019, France published Decree No. 2019-1078 of 22 October 2019 in the Official Journal, extending the list of eligible counterparties for collective investment schemes (CIS).
FR - Extension of the list of CIS eligible counterparties
LU - New CSSF circular about EMIR impact in the fund industry
On 23 August 2018, the “Commission de Surveillance du Secteur Financier” (CSSF) published Circular 18/698 on the...
National news
On 23 August 2018, the “Commission de Surveillance du Secteur Financier” (CSSF) published Circular 18/698 on the authorization and organization of investment fund managers incorporated under Luxembourg law.
LU - New CSSF circular about EMIR impact in the fund industry
DE - Anti Financial Crime Alliance in Germany
On 24 September 2019, BaFin launched the Anti Financial Crime Alliance (AFCA) together with the Financial Intelligence...
National news
On 24 September 2019, BaFin launched the Anti Financial Crime Alliance (AFCA) together with the Financial Intelligence Unit (FIU), the Federal Criminal Police Office and 14 banks.
DE - Anti Financial Crime Alliance in Germany
IT - New Italian MoU on Investments Services and Activities
On 5 November 2019, Consob and the Bank of Italy signed a new Memorandum of Understanding on investment services and...
National news
On 5 November 2019, Consob and the Bank of Italy signed a new Memorandum of Understanding on investment services and activities and on collective investment management which will replace the previous Protocol of 31 October 2007.
IT - New Italian MoU on Investments Services and Activities
ES - Amendment of the circular on Liquidity contracts
On 27 November 2019, the Spanish Official State Gazette (BOE) has published CNMV Circular 2/2019 amending Circular...
National news
On 27 November 2019, the Spanish Official State Gazette (BOE) has published CNMV Circular 2/2019 amending Circular 1/2017 on liquidity contracts.
ES - Amendment of the circular on Liquidity contracts
IR- Revised guidance on the use of financial indices by UCITS
On 23 July 2019, The Central Bank updated their guidance on the use of financial indices by UCITS.
National news
On 23 July 2019, The Central Bank updated their guidance on the use of financial indices by UCITS.
IR- Revised guidance on the use of financial indices by UCITS
CH - FINMA’s Stable Coin Guidelines
On 11 September 2019, the Swiss Financial Market Supervisory Authority (FINMA) published a supplement to their...
National news
On 11 September 2019, the Swiss Financial Market Supervisory Authority (FINMA) published a supplement to their guidelines for Initial Coin Offerings (ICO).
CH - FINMA’s Stable Coin Guidelines
GB - New rules for open-ended funds investing in illiquid assets
On 30 September 2019 , the Financial Conduct Authority (FCA) has confirmed new rules which apply to certain types of...
National news
On 30 September 2019 , the Financial Conduct Authority (FCA) has confirmed new rules which apply to certain types of open-ended fund investing in inherently illiquid assets such as property.
GB - New rules for open-ended funds investing in illiquid assets
US - New Rules to Improve Proxy Voting Advice
On 5 November 2019, the Securities and Exchange Commission today voted to propose amendments to its rules governing...
National news
On 5 November 2019, the Securities and Exchange Commission today voted to propose amendments to its rules governing proxy solicitations to enhance the quality of the disclosure about material conflicts of interest that proxy voting advice businesses provide their clients.
US - New Rules to Improve Proxy Voting Advice